HomeMy WebLinkAboutResolution No. 176r 6
RESOLUTION NO. 176
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA AUTHORIZING THE
ENTERING INTO OF FINANCING LEASES OR
AGREEMENTS FOR THE PURPOSE OF FINANCING
CERTAIN FACILITIES AND IMPROVEMENTS FOR
URBAN PACIFIC DEVELOPMENT CORP.
RESOLVED, by the Redevelopment Agency of the City of Azusa, as follows:
WHEREAS, the Agency is authorized by the Community Redevelopment Law of
the State of California, constituting Part 1 of Division 24 of the California Health and
Safety Code (the "Law"), to enter into financing leases or agreements for the purpose of
financing facilities and improvements located in redevelopment project areas of the Agency
and, in connection therewith, to cooperate with the City of Azusa; and
WHEREAS, Urban Pacific Development Corp. (the "Company") has requested the
Agency to enter into financing leases or agreements and to issue revenue bonds for the
purpose of financing acquisition and construction of a neighborhood retail commercial
center of approximately 30,000 square feet and approximately 90 multi -family residential
units (the "Project") located on an approximate 4 acre site in the vicinity of Foothill
Boulevard and San Gabriel Avenue in the City of Azusa and in a redevelopment project area
of the Agency, and the Agency wishes to induce the Company to acquire, construct and
develop the Project in said area; and
WHEREAS, it is in the public interest, for public benefit and in furtherance of
the public purposes of the Agency that the Agency authorize such financing for the
aforesaid purposes;
NOW, THEREFORE, it is hereby FOUND, DETERMINED and ORDERED, as
follows:
1. The Agency hereby authorizes the financing and issuance of revenue bonds
by the Agency pursuant to the Law in a principal amount of not to exceed Eight Million
Dollars ($8,000,000) for the purpose of providing permanent and/or construction financing to
the Company, and any of its successors and assigns, for the Project. It is presently proposed
that the obligations of the Agency under any financing shall be payable from (among other
things) the revenues to be derived by the Agency from the Sale or lease with respect to
others, including the Company.
2. Any such financing shall be upon such terms and conditions as may be
mutually agreed upon by the Agency, the Company and the purchaser of certificates of
participation or other obligations; such financing to he authorized by resolution of the
Agency at a meeting duly held and conducted for such purpose. All proceedings shall be
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completed to the satisfaction of the Agency, in its sole discretion. In addition, the adoption
of this resolution shall not be deemed or construed to be approval of any other matter
relating to the Project which the Agency or the City must otherwise approve or disapprove.
3. The proceeds of any such financing shall include such related and necessary
issuance expenses, administration costs, debt service reserves and interest payments as may
be required to accompish successfully the financing.
PASSED and ADOPTED this 21 st day of January, 1985, by the following
called vote:
AYES: COOK, CAMARENA, MOSES
NOES: NONE
ABSENT: CRUZ, LATTA
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